{"id":5162,"date":"2016-09-19T10:26:27","date_gmt":"2016-09-19T10:26:27","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=5162"},"modified":"2017-01-24T18:50:23","modified_gmt":"2017-01-24T18:50:23","slug":"solo-oil-raises-2m-to-fund-tanzanias-ntorya-2-appraisal-well","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/solo-oil-raises-2m-to-fund-tanzanias-ntorya-2-appraisal-well\/","title":{"rendered":"Solo Oil Raises \u00a32M to Fund Tanzania’s Ntorya-2 Appraisal well"},"content":{"rendered":"

Solo Oil has announced that it has raised\u00a0\u00a32,000,000\u00a0gross proceeds through the issue of 1,111,111,111 new ordinary shares in a Company sponsored placement to a single institutional investor, being Epsilon Pty to fund the Company’s share of the Ntorya-2 well in\u00a0Tanzania\u00a0and settle all outstanding amounts due to YA Global Master SPV, Ltd under an Equity Swap Agreement which has now been terminated.<\/p>\n

According to Solo Oil Chairman Neil Ritson the Company is now funded for its share of the well ahead of the spud date in the fiurth quarter.<\/p>\n

\u201cThe Company is now funded for its share of the estimated dry-hole costs for the upcoming high impact Ntorya-2 appraisal well in Tanzania Petroleum Development Corporation,\u00a0\u00a0Tanzania. We look forward to further updates from the operator Aminex as we near the expected spud date during the fourth quarter of this time.”<\/p>\n

Appraisal drilling in the Ruvuma PSA following the\u00a0Ntorya 1 discovery<\/a>\u00a0which was ealier expected to commence last summer according to Block operator Aminex is one of two wells which will be drilled in the Block in 2016 including Ntorya-2 to offset and appraise the Ntorya-1 discovery as well as the Ntorya-3, also being planned to test the main channel system.<\/p>\n

Ntorya-2 \u00a0is expected to be drilled 1500m to southwest of discovery well and is estimated to have a 60 percent Chance of Success based on Ntorya-1 well while Ntorya-3 well is expected to be drilled 5.65km west of Ntorya-1.<\/p>\n

Already the company has completed a new\u00a0seismic<\/a>\u00a0programme in the vicinity of its Ntorya-1 discovery on the Ruvuma PSA acreage in 2015.<\/p>\n

Aminex currently has an obligation to drill a minimum of four exploration wells by the end of 2016 but is in discussions with the Tanzania Petroleum Development Corporation (TPDC) to focus resources on the development of Ntorya with a view to accelerating the supply of gas into the new regional pipeline system.<\/p>\n

Should the Company have success in its\u00a0appraisal<\/a>\u00a0and development drilling programme in the Ruvuma Basin, any further gas discovered can be commercialized through the new pipeline serving the Kiliwani North well.<\/p>\n","protected":false},"excerpt":{"rendered":"

Solo Oil has announced that it has raised\u00a0\u00a32,000,000\u00a0gross proceeds through the issue of 1,111,111,111 new ordinary shares in a Company sponsored placement to a single institutional investor, being Epsilon Pty … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":4619,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[5010,5140,1713,5142,4372,2208,2211,2342,2466,2472,2543,5141],"class_list":["post-5162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-appraisal-well","tag-epsilon-pty","tag-neil-ritson","tag-ntorya-1-discovery","tag-ntorya-2","tag-ruvuma-basin","tag-ruvuma-psa","tag-solo-oil","tag-tanzania","tag-tanzania-petroleum-development-corporation","tag-tpdc","tag-ya-global-master-spv","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/04\/Ntorya-123-location.png?fit=452%2C329&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-1lg","jetpack-related-posts":[{"id":5506,"url":"https:\/\/www.oilnewskenya.com\/index.php\/aminex-announces-spudding-of-ntorya-2-in-tanzania\/","url_meta":{"origin":5162,"position":0},"title":"Aminex Announces Spudding of Ntorya-2 in Tanzania","author":"","date":"December 22, 2016","format":false,"excerpt":"Aminex has announced that it has commenced drilling the Ntorya 2 appraisal well in the Ruvuma Basin, Tanzania. The well is being drilled to an estimated total depth of 2860 metres and is targeting the same channel complex as Ntorya 1 but further updip of the reservoir. \u201cWe are delighted\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/04\/Ntorya-123-location.png?fit=452%2C329&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":5692,"url":"https:\/\/www.oilnewskenya.com\/index.php\/solo-oil-raises-2m-to-fund-tanzanias-ntorya-2-well-testing\/","url_meta":{"origin":5162,"position":1},"title":"Solo Oil raises \u00a32M to fund Tanzania’s Ntorya 2 well testing","author":"","date":"February 16, 2017","format":false,"excerpt":"Solo Oil has announced that the company has raised\u00a0\u00a32,000,000\u00a0(before expenses) through a Company sponsored placing. The net proceeds from the Placing will be used to fund the Company's share of the imminent well testing programme for the recently drilled Ntorya-2 appraisal in\u00a0Tanzania\u00a0and the analysis of future development options for the\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/09\/solo-oil.jpg?fit=320%2C320&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":5449,"url":"https:\/\/www.oilnewskenya.com\/index.php\/ntorya-2-appraisal-well-ready-to-spud-in-mid-december\/","url_meta":{"origin":5162,"position":2},"title":"Ntorya-2 Appraisal Well ready to Spud in Mid-December","author":"","date":"December 5, 2016","format":false,"excerpt":"The Ntorya-2 appraisal well in the Ruvuma PSA\u00a0is ready to spud with the operator confirming that an independent inspection of the Caroil 2 drilling rig has now been completed. The well location is a 1,500-metre step-out from the Company\u2019s Ntorya-1 discovery which flow-tested gas at 20 mmcf\/d, with 139 barrels\u2026","rel":"","context":"In \"Aminex\"","block_context":{"text":"Aminex","link":"https:\/\/www.oilnewskenya.com\/index.php\/tag\/aminex\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/04\/Ntorya-123-location.png?fit=452%2C329&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6254,"url":"https:\/\/www.oilnewskenya.com\/index.php\/ntorya-appraisal-area-gas-resources-estimated-1-3-tcf\/","url_meta":{"origin":5162,"position":3},"title":"Ntorya Appraisal Area Gas Resources Estimated At 1.3 TCF","author":"","date":"September 4, 2017","format":false,"excerpt":"Aminex has announced a further material increase in its management estimate of gas initially in place (GIIP) in its Ntorya appraisal area in the onshore Ruvuma Basin of Tanzania from unrisked resource estimates of 466 BCF Pmean GIIP to approximately 1.3 TCF Pmean GIIP. According to Aminex this update is\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/09\/Ntorya-development-license-2.png?fit=394%2C533&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":815,"url":"https:\/\/www.oilnewskenya.com\/index.php\/solo-oil-starts-2d-seismic-at-tanzania-ntorya-1-site\/","url_meta":{"origin":5162,"position":4},"title":"Solo Oil starts 2D seismic at Tanzania Ntorya-1 site","author":"Samuel Kamau Mbote","date":"March 28, 2014","format":false,"excerpt":"Solo Oil has announced\u00a0that it has been informed by the operator that the seismic data required to assist in the selection of future drilling locations at the onshore Ntorya gas-condensate discovery is currently underway in south-east Tanzania. A programme of up to 250 kilometres of full-fold 2D seismic is currently\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/03\/ntorya.jpg?fit=542%2C365&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/03\/ntorya.jpg?fit=542%2C365&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/03\/ntorya.jpg?fit=542%2C365&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":5201,"url":"https:\/\/www.oilnewskenya.com\/index.php\/aminex-signs-rig-contract-for-ntorya-2-well-in-tanzanias-ruvuma-psa\/","url_meta":{"origin":5162,"position":5},"title":"Aminex Signs Rig Contract for Ntorya-2 Well in Tanzania\u2019s Ruvuma PSA","author":"","date":"September 23, 2016","format":false,"excerpt":"Tanzania\u2019s Ruvuma PSA block operator Aminex has announced that it has executed a rig contract for the drilling of the Ntorya-2 appraisal well in the Ruvuma basin. The Caroil 2 drilling rig is currently on the Ntorya 1 well pad and preparations are underway to mobilize the rig and equipment\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/04\/Ntorya-123-location.png?fit=452%2C329&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/5162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=5162"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/5162\/revisions"}],"predecessor-version":[{"id":5163,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/5162\/revisions\/5163"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/4619"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=5162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=5162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=5162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}